Toys R Us files for Chapter 11 reorganization

Toys R Us, the pioneering big box toy retailer, has announced it has filed for Chapter 11 bankruptcy protection while continuing with normal business operations.

A statement by the New Jersey-based company late Monday says it voluntarily is seeking relief in U.S. Bankruptcy Court for the Eastern District of Virginia in Richmond, and that its Canadian subsidiary is seeking similar protection through a Canadian court.

Toys R Us says court-supervised proceedings will help restructure its outstanding debt and reorganize for long-term growth.

According to the company, separate operations outside the U.S. and Canada, including more than 250 licensed stores and a joint venture partnership in Asia, are not part of the filings.

The toy retailer emphasizes that its approximately 1,600 locations, including stores in Connecticut, will remain open, and continue to work with suppliers and sell merchandise.

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